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The tech behemoth and chipmaker Nvidia on Monday announced the largest-ever stock buyback increase in US corporate history as its profits continue to explode due to massive spending on artificial intelligence data centers, which have drawn increasingly intense grassroots opposition nationwide.

Nvidia said its board “has authorized an additional $150 billion under the company’s existing share repurchase program, increasing the total remaining amount authorized to $235 billion.” Jensen Huang, Nvidia’s CEO and the eighth-richest person in the world, said his company’s “growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” adding that Nvidia’s “cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders.”

Stock buybacks reduce the number of a company’s shares outstanding on the public market and boosts earnings per share, typically resulting in a........

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